Nancy Pelosi Pours Cold Water On Gas Tax Holiday, Calls It A “Con”

[martybegan]

Both Pelosi and the commentator are right, there is no guarantee that the oil companies will pass the savings to consumers. But the commentator was wrong, and made a glaring error. He said demand was not keeping up with supply, he meant to say that supply is not keeping up with demand. But if the oil companies kept all, or part of the savings, and that improved their profits, would that not incentivize them to drill baby drill? I mean it is basic supply and demand, profits increase, supply increases, prices eventually decline, and then we can return the gas tax.

I do like how now we have an open admission from Republicans, that tax savings are not automatically passed to consumers. To bad they didn't admit that prior to the Trump corporate tax cut. It is that talking out of both sides of their mouths thing again.

Actually since the price at the pump is the end price and includes the vendor's cut, and the reduction is at the vendor, it will either go to the vendor or to the consumer at first, but any rise in crude prices send it back to the driller, and a rise in refined product sends it to the refiner.

 

[task0778]

Possibly I do not fully understand how the gas tax works. We pay that tax at the pump, right? So if you were paying $5.00 a gallon the you would be paying $4.82 a gallon instead? My understanding is that the federal gas tax is $.18/gallon. The oil companies aren't going to see any extra money from the tax itself, but they might see greater sales numbers as demand probably would increase. My guess is not by much though, instead of paying $100 for 20 gallons you would pay $96.40. BFD.

The $3.60 that you saved does not go to the oil companies and it also does not go to the highway fund either to fix our roads and bridges.

 

[MarathonMike]

18 year olds rebel against their parents for lots of reasons, especially rich kids. This is just another way for the Left to take potshots at Elon Musk now that he is threatening their precious Twitterverse.

 

[Weatherman2020]

Funny how the OP was for gas tax holidays before he was against them.

Virginia Dems Block Youngkin’s Gas Tax Holiday

Who claimed I’m against tax breaks, shitforbrains?

 

[Weatherman2020]

Quick look-up. Nice work, Stormy.

Shitforbrains thinks I’m against tax cuts.

 

[Votto]

Shitforbrains thinks I’m against tax cuts.

I know I am, I hate money

Plus, government seems to spend money so much better than myself.

They are just awesome!

 

[okfine]

I agree with Pelosi. The tax holiday is a bad idea.
Consumers may save a few pennies at the pump initially, but the oil companies won't give us all a break.

"That would mean the government would stop collecting the tax — 18 cents per gallon on gas and 24 cents per gallon on diesel — until the end of September, the peak driving period for people heading out on summer vacations."

POLITICS​

Biden is under pressure on gas prices. So he's putting pressure on oil companies. It would be very unlikely that gas prices would fall by more than a dime because of this change. And oil company profits would go up by billions of dollars," said Jason Furman, who served as a top economic adviser to former President Barack Obama and is now at the Harvard Kennedy School.​

"But there's no way to force those tax cuts to be passed through to consumers."

Biden wants a gas tax holiday. Some economists say that's a bad idea

Biden wants Congress to give people a break on the federal gas tax for the summer. But economists say that won't translate into big savings at the pump — and could hurt efforts to curb inflation.

www.npr.org

 

[22lcidw]

On TV a reporter/guest stated that we are paying 330 billion dollars more in fuel since the Progs utopia started and the gas tax cut suspension will save 6 billion dollars.

 

[jbrownson0831]

On TV a reporter/guest stated that we are paying 330 billion dollars more in fuel since the Progs utopia started and the gas tax cut suspension will save 6 billion dollars.

Thats like the Butt-Gig telling the airlines to hire more CSRs to solve the flight cancellation problem.

 

[task0778]

On TV a reporter/guest stated that we are paying 330 billion dollars more in fuel since the Progs utopia started and the gas tax cut suspension will save 6 billion dollars.

At $.18 a gallon if the gas tax is suspended for 3 months? I don't think so, I wonder where that person got those numbers from. Probably somebody in or close to the Biden Administration.

 

[Billiejeens]

 

[Billiejeens]

I think Nancy knows she is about to lose her speakership come November when the democrats lose the House majority, and Biden is not helping. Interested to see if she serves out her last 2 years or resigns.

what makes you think that she will run and get reelected?

 

[Markle]

So, you are opposed to cutting taxes?

President Biden pushes through an infrastructure bill costing $550 BILLION. Now he wants to eliminate the gas tax, used for INFRASTRUCTURE for the next three months.

What Biden voters can support this catastrophe?

 

[Billiejeens]

President Biden pushes through an infrastructure bill costing $550 BILLION. Now he wants to eliminate the gas tax, used for INFRASTRUCTURE for the next three months.

What Biden voters can support this catastrophe?

You are working under the assumption that they know where funding comes from
and a thousand other things, that they just have no clue on.

 

[task0778]

what makes you think that she will run and get reelected?

If Pelosi wasn't running she would've announced it by now. I dunno when their primary is in CA, but if she retired then that would send a shock wave through the democratic party that IMHO they don't need right now. Rats and a sinking ship and all that, a real downer for their side. I think she'll hang on until early next year and then resign from the House cuz I don't think she wants to be the minority leader again. And yes, the democrats are going to get a royal ass-kicking in November but she won't be one of them that gets the boot.

Nobody, not even God can beat Nancy Pelosi in her district. She's gonna get re-elected.

 

[Billiejeens]

If Pelosi wasn't running she would've announced it by now. I dunno when their primary is in CA, but if she retired then that would send a shock wave through the democratic party that IMHO they don't need right now. Rats and a sinking ship and all that, a real downer for their side. I think she'll hang on until early next year and then resign from the House cuz I don't think she wants to be the minority leader again. And yes, the democrats are going to get a royal ass-kicking in November but she won't be one of them that gets the boot.

Nobody, not even God can beat Nancy Pelosi in her district. She's gonna get re-elected.

Reasonable estimates indicate a 40 to 60 seat pick up.
A lot of Democrats in secure districts are not running for reelection.

 

[Weatherman2020]

Note Brandon says nothing about increasing the supply.

 

[Nostra]

Related: CNN says it’s worthless and Obummer once called it a gimmick.

Veggie Joe’s entire Presidency is a gimmick.

 

[excalibur]

Veggie Joe’s entire Presidency is a gimmick.

If only.

 

[excalibur]

Wouldn't even help at this point. I would only erase two days of price hikes.

But the strategic oil reserve release!!!